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Market Variables (market + variable)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	80%

Selected Abstracts

Takeover activity in Australia: endogenous and exogenous influences

ACCOUNTING & FINANCE, Issue 3 2005
Frank Finn
G34 Abstract The present paper analyses the population of takeover bids for listed Australian companies using quarterly data over a 25-year period to re-examine the predictability of takeover activity and to determine if there is a flow on impact on macroeconomic variables. We examine whether takeover activity: (i) is endogenous; that is, determined by own activity; (ii) is jointly determined by macroeconomic and capital market variables; and (iii) has an exogenous spillover impact across the economy. We find that stock prices and takeover activity share a long-term common trend, the relative success of takeover bids is independent of sharemarket activity, and conclude that aggregate takeover activity is driven by fundamental economic factors rather than by speculative activity. [source]

Distortionary Taxation and Labour Market Performance

OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 2 2001
Riccardo Fiorito
Quarterly estimates of consumption, capital and labour tax rates are provided for six major OECD countries. We then use the ,stylized facts' methodology to evaluate the strength, sign and phase of cyclical comovements between tax rates and labour market variables. Labour taxes distort labour market de-cisions and help explain why the unemployment rate is so high in continental Europe. However, labour taxes cannot be the only determinant of diverging unemployment rates since the labour force is also reduced by higher taxes. Finally, we offer some preliminary structural evidence showing employment growth in particular to be negatively related to the taxation of labour. [source]

Volatility and commodity price dynamics

THE JOURNAL OF FUTURES MARKETS, Issue 11 2004
Robert S. Pindyck
Commodity prices are volatile, and volatility itself varies over time. Changes in volatility can affect market variables by directly affecting the marginal value of storage, and by affecting a component of the total marginal cost of production, the opportunity cost of producing the commodity now rather than waiting for more price information. I examine the role of volatility in short-run commodity market dynamics and the determinants of volatility itself. I develop a structural model of inventories, spot, and futures prices that explicitly accounts for volatility, and estimate it using daily and weekly data for the petroleum complex: crude oil, heating oil, and gasoline. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:1029,1047, 2004 [source]

Housing Markets And Regional Unemployment Flows In Great Britain

THE MANCHESTER SCHOOL, Issue 2 2003
Martin T. Robson
Over the past 20 years, there has been a great deal of interest from academic economists and policymakers in the UK in the contribution of the housing market to regional disparities in unemployment. However, despite a considerable body of research, there remains a great deal of uncertainty concerning the role played by different features of the housing market in shaping the regional pattern of unemployment. In this study, we aim to gain a deeper understanding of this issue by examining the relationship between housing market variables and the flows into and out of regional unemployment. Our findings indicate that both the level of regional house prices and the housing tenure mix have significant effects on the rate of flows into and out of regional unemployment and hence upon the equilibrium rate of unemployment in a region. In particular, we find that regions with a relatively high level of house prices and/or a low proportion of social rented housing will tend to have a relatively low equilibrium rate of unemployment, other things equal. [source]

Exchange rate uncertainty and employment: an algorithm describing ,play'

APPLIED STOCHASTIC MODELS IN BUSINESS AND INDUSTRY, Issue 2 2001
Ansgar Belke
Abstract The paper deals with the impacts of exchange rate uncertainty on the relationship between macroeconomic labour market variables. Under uncertainty, areas of weak reactions,so-called ,play' areas,have to be considered at the macrolevel. The width of the play area is a positive function of the degree of uncertainty. When changes go beyond the play-area suddenly strong reactions (,spurts') occur. These non-linear dynamics are captured in a simplified linearized way. An algorithm describing linear play hysteresis is developed and implemented into a regression framework. As an empirical application, the exchange rate impacts on German employment are analysed considering play effects. Copyright © 2001 John Wiley & Sons, Ltd. [source]